Gladstone Commercial Corporation Announces Sale of Austin, TX Office Building

About this update from Gladstone Commercial Corporation - Real Estate Investment Trust

[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / December 22, 2020 / Gladstone Commercial Corporation (NASDAQ:GOOD) (\"Gladstone Commercial\") announced its sale of a single-story flex office building in Austin, TX, which occurred on December 18th. The building totaled 52,000 square feet and was leased to a single tenant.Gladstone Commercial realized gross proceeds of approximately $8.6 million and a gain of approximately $2.8 million upon the sale, yielding a levered internal rate of return of 13.2% on the investment. Gladstone Commercial owned the asset for approximately 16 years.\"This was a unique opportunity to capitalize on a sale to a user and unlock tremendous value,\" stated Buzz Cooper, Executive Vice President and Head of the South/Central Region for Gladstone Commercial. \"We were able to successfully exit the building at a substantial gain, while realizing strong returns over the life of the investment. This sale provides us the opportunity to re-deploy the proceeds into industrial product in a target market and supports the company's capital recycling efforts.\"\"CBRE was terrific to work with on this deal. They brought the opportunity together efficiently and the buyer was very accommodating. We could not have asked for better partners. It was a win for all involved,\" said Perry Finney, Gladstone Commercial's Senior Asset Manager.About Gladstone Commercial Corporation (Nasdaq: GOOD)Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the United States. As of September 30, 2020, Gladstone Commercial's real estate portfolio consisted of 122 properties located in 28 states, totaling approximately 14.9 million square feet. For additional information please visit www.gladstonecommercial.comFor Broker Submittals:South/Central:Midwest/Northeast:Buzz Cooper Matt TuckerExecutive Vice PresidentExecutive Vice President(703) 287-5815(703) [email protected]@gladstonecompanies.com Southeast/West: Brandon Flickinger Executive Vice President (703) 287-5819 [email protected] Investor or Media Inquiries:Bob Cutlip President - Gladstone Commercial Corporation(703) 287-5878 [email protected] All statements contained in this press release, other than historical facts, may constitute \"fo...

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